An institution that acts like a business organization, but its purpose is usually to benefit society, not to make a profit.
non-profit organization
The type of institution you are referring to is commonly known as a non-profit organization. Non-profit organizations are structured and operated much like a business organization, but their primary aim is to serve the community, support social causes, and provide charitable services.
The major difference between a non-profit and a for-profit organization is the way their resources are allocated. A for-profit organization primarily focuses on generating revenue and maximizing profits for the owners, whereas a non-profit organization is committed to using its resources to support its mission and serve the community.
Non-profit organizations are usually run by a board of directors or a group of trustees, who are responsible for ensuring that the organization is fulfilling its objectives efficiently and effectively. These organizations rely heavily on donations and grants from individuals, corporations, or government agencies to fund their operations, as they don’t aim to make a profit like a business organization.
Examples of non-profit organizations include charitable organizations such as the Red Cross, religious organizations, education and research institutions, advocacy groups, health and wellness institutions, and many more.
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